Matchbook owners confident of licence reinstatement following UKGC suspension

Betting exchange operator Matchbook has had its UK licence temporarily suspended by the Gambling Commission (UKGC).

The suspension is in place while the operator implements a number of independently audited licence conditions in the wake of a comprehensive UKGC review.

In a statement, the company confirmed that its betting exchange and online casino would close to all new and existing users from 23:59 yesterday evening. The firm has said that all existing customers will be able to withdraw funds during the suspension and all existing open positions would be settled.

The notice, which appears on the firm’s website claims Matchbook will be “back soon”

The UKGC has confirmed that the suspension is part of a review of the firm’s UK licence under section 120.1 of the 2005 Gambling Act. The suspension is part of a two-year review into Matchbook’s compliance operations.

EGR understands Matchbook’s owner Triplebet engaged the services of external auditing outfit Alvarez & Marsal to raise the company’s standards of compliance.

A number of recommendations were made, with several already being implemented by the operator, while others are due to be instituted.

Recommendations made include the implementation of new internal policies centring on the fair treatment of customers and daily screening for players who may be politically exposed persons (PEPs), together with those subject to international sanctions for all UK customers.

In addition, the operator established a compliance committee in July 2019 headed by an independent chairman scheduled to meet once a quarter, together with the development and implementation of a new responsible gambling algorithm for its online platform.

Matchbook has also committed to making progress towards GamCare’s Safer Gambling standard certification. As part of this, 30 key members of staff attended anti-money laundering and problem gambling training offered by the charity, and Matchbook has said it plans to have more staff members attend training sessions in the future.

EGR understands these recommendations have been implemented in a phased programme since the UKGC began investigations into the firm, with the final recommendations due to be implemented within the next few weeks.

A separate independent audit will then be conducted by an external firm which will report to the UKGC whether these changes have met the standards required under UKGC rules.

Triplebet told EGR that it expects the firm’s UKGC licence to be fully reinstated following the completion of the review.

A Triplebet spokesperson said: “Triplebet takes its responsibility as a betting and gaming operator very seriously and accepts the UKGC panel’s findings following a two-year review.

“Triplebet believes that compliance goes to the heart of offering a betting exchange product, and through the introduction of new policies and the establishment of a compliance committee, Triplebet has shown that it is committed to achieving any standard of compliance required of it,” the spokesperson added.

https://twitter.com/ShaneOliver/status/1229511261022539777

I would withdraw any funds in Matchbook ASAP if you have them – suspending tonight at midnight

— FTS Income (@FTSIncome) February 17, 2020

In January, the Irish Independent reported that previous Matchbook subsidiary Eurasia Sports and a separate business Xanadu Consultancy had won a case against several Peruvian high rollers over the non-payment of up to $12.6m in unpaid bets.

During the case, it was alleged that Eurasia had offered brokerage to these individuals without any financial security or checking of the source of funds information.

However, a judge later found for Eurasia in the case, ordering the defendants to repay the debts. Triplebet has confirmed that the UKGC review is not due to this lawsuit.